Cohabitation during a marriage usually involves sharing money, belongings, and property. During an unfortunate situation such as divorce, those commingled items may need to be divided.
If you are in the process of dissolving your marital union, it is wise to consult a dedicated family law attorney. An experienced Atlanta division of assets lawyer would be adept at negotiating the separation of property.
Although assets could be divided equally between a couple, the courts are not required to split them down the middle. The judiciary must exercise equitable judgment during the apportionment of property and monies. Furthermore, it may be important to make a distinction between property purchased jointly by both spouses versus property owned by one party prior to their marriage to the other—marital and non-marital property, respectively.
Divorcing spouses may rely on a jury to assist with the disposition of their assets, as Official Code of Georgia Annotated § 19-5-13 states that a jury’s decision may become binding as of the issuance of the total divorce decree. A diligent Atlanta division of assets attorney can provide further information on the distribution of funds.
Atlanta courts typically prohibit spouses in divorce proceedings from transferring their property to a third party or entity. However, O.C.G.A. § 19-5-7 allows people to use their assets to pay pre-existing debts in certain circumstances. This is not always permissible, so it is advisable to speak with a division of assets lawyer in Atlanta before paying major bills.
As for marital assets, the courts may equitably divide community debts and consider which party benefited from the expense that created the bill. For example, responsibility for student loans might be assigned to the spouse who received the education.
According to O.C.G.A. § 19-6-5, a jury may consider several factors when ruling on which spouse should continue to pay for the livelihood of the other. For instance, they could evaluate both partners’ levels of education, financial resources, and occupations. Additionally, a temporary order may be applicable while an ex-spouse completes higher education which could help them build assets in the future.
In general, property that an estranged spouse acquires after a divorce is their separate property. Under O.C.G.A. § 19-5-15, a total divorce decree annuls a marriage as of the date of the order of dissolution.
Situations may arise, however, where the acquisition of assets affects a child support or alimony order. If applicable, a seasoned attorney who has experience with division of asset cases can inform claimants how their plans or goals could affect other marital agreements or parenting plans.
It can be tricky to untangle the property that a couple accumulates during the years of their marriage. In light of this, it may be substantially beneficial to have qualified legal counsel help you with the distribution of funds and debts from your marital property. Contact an Atlanta division of assets lawyer today to schedule a consultation about the apportionment of your money and property during your divorce.
Atlanta Divorce Law Group